Profit Sharing and Incentives
将企业建模为存在道德风险的团队生产过程，推导了生产工人与外部投资者之间的最优利润分享方案，以及基于噪声绩效信号的激励合同。
We model a firm as a team production process subject to moral hazard and derive the optimal profit sharing scheme between productive workers and outside investors together with incentive contracts based on noisy performance signals. More productive agents with noisier performance signals are more likely to receive shares which can explain why managers are motivated by shares, and law or consulting firms form partnerships. A firm that grows by opening branches is held almost entirely by outside investors when its output noise grows faster than the number of branches. Otherwise, insiders hold substantial amount of a large firm’s shares.